Spotlight

Indian equity markets are expected to remain cautious despite breaking their recent losing streak, as elevated crude oil prices and renewed global risk aversion continue to weigh on sentiment. The Treasury-driven relief that supported markets on Thursday proved short-lived, with U.S. equities falling sharply overnight as bond yields reversed their earlier decline. President Donald Trump’s comments on an “economic war” against Iran have also revived concerns over oil-driven inflation and prolonged geopolitical uncertainty.
 
On the geopolitical front, Trump’s plan to further isolate Iran’s economy risks increasing tensions with China and adding another layer of uncertainty to global markets. WTI crude has surged further and is currently trading in the $86–87 per barrel range, marking a significant rise and keeping oil as a key risk factor for Indian equities. Meanwhile, gold continues to hold comfortably above the $4,500 level, reflecting continued demand for safe-haven assets.
 
Asian markets are also trading lower, following the weakness in global equities, with both the Nikkei 225 and Kospi down by more than 0.5% in early trade.

 

Technical view

Nifty 50

Nifty 50 is likely to maintain a range-bound bias after snapping its seven-session losing streak. However, the index remains below its key short-term moving averages, suggesting that stronger follow-through buying is still required to confirm a sustained reversal. From a technical perspective, the 24,200–24,300 region remains the immediate resistance zone. A sustained breakout above 24,400 could strengthen the recovery and open the way toward 24,500 and higher levels. Until then, the index is likely to remain in consolidation, with selling pressure possible at higher levels.
 
On the downside, 24,100–24,150 remains the immediate support, followed by the crucial 24,000 mark. A decisive break below 24,000 could revive the short-term bearish structure and expose the index to lower support levels. Overall, the near-term outlook remains cautious-to-range-bound. Nifty 50 will require sustained buying above 24,400 to establish stronger bullish momentum and confirm a meaningful recovery. As long as 24,000 holds, recovery attempts may continue; however, failure to reclaim the key resistance zone could keep the index subdued and vulnerable to profit booking at higher levels.

Bank Nifty

Bank Nifty is expected to maintain comparatively stronger momentum, with the near-term technical structure showing a cautiously constructive bias. From a technical perspective, the 57,700–57,800 region remains the immediate resistance zone. A sustained breakout above 57,800 could strengthen the recovery momentum and pave the way for an advance towards the 58,000 mark.
 
On the downside, the broader index remains range-bound, with 57,400–57,300 serving as the immediate support zone, followed by the stronger 57,100–57,000 region. While a decisive break below 57,000 could trigger renewed selling pressure and weaken the near-term technical bias.